I've spent almost my entire career as a journalist covering tech in and around Silicon Valley, meeting entrepreneurs, executives and engineers, watching companies rise and fall (or in the case of Apple, rise, fall and rise again) and attending confabs and conferences. Before joining Forbes in February 2012, I had a very brief stint in corporate communications at HP (on purpose) and worked for more than six years on the tech team at Bloomberg News, where I dived into the financial side of tech. Before that, I was Silicon Valley bureau chief for Interactive Week, a contributor to Wired and Upside, and a reporter and news editor for MacWeek. The first computer game I ever played was Zork, my collection of now-vintage tech T-shirts includes a tie-dye BMUG classic and a HyperCard shirt featuring a dog and fire hydrant. When I can work at home, I settle into the black Herman Miller Aeron chair that I picked up when NeXT closed its doors. You can email me at cguglielmo@forbes.com.

Apple unveiled the new iPhone 5 today as it hopes to answer the question that’s been top of mind for everyone from users to analysts to rivals: Is it a big enough change in design and does it have exciting enough new features to get people – tens of millions of people — to buy it and hold competitors including Google and Samsung at bay?

If you ask the analysts, the answer is yes. They’re going by the uptake in iPhone sales after each new update was released — there’s been a new model every year since former CEO Steve Jobs led Apple into the smartphone market in 2007. Last year’s iPhone 4S, which introduced Siri voice recognition technology into the device, has been a big seller for the company, especially in its fastest-growing market, China. The iPhone is Apple’s biggest moneymaker and now accounts for almost half of sales. The company has sold more than 244 million since its introduction.

The new iPhone 5, to be available in the U.S. Sept. 21, has a larger 4-inch Retina display, support for faster LTE wireless networks, a new custom chip designed by Apple called the A6 that enabled the company’s enginners to create a thinner, lighter smartphone with a bigger screen. It’s 2.31 inches wide and weighs in at 3.95 ounces. It’s made entirely of glass and aluminum, Apple CEO Tim Cook told the crowd today.

Most of those features have been long rumored, making this one of Apple’s less exciting product launches. Even so, it does add up to a new smartphone that should “have a major impact on the market,” said Gene Munster, an analyst with Piper Jaffray, who attended today’s event. He stands by his prediction that Apple can sell 6 to 10 million in the first week after it becomes available. Apple sold 4 million iPhone 4S units in the first three-days after its release.

“The biggest things are the faster Internet and the bigger screen,” Munster said. “For the past five years, they’ve had the same screen and that’s a big deal. It’s where they’ve been losing share in developed countries to Android.”

The iPhone 5, available in black and white, is priced starting as the same as the previous generation — $199 with a two-year contract, with higher capacity devices to be available for $299 and $399. It also runs a new version of Apple’s mobile operating system, iOS, which adds 200 new features including its own Maps program to rival Google’s offering.

“While the look of the new iPhone may not take your breath away with its screen size or unfamiliar look, the actual level of engineering and design that has gone into it is quite amazing,” said Al Hilwa, an analyst with IDC. “The power of the chip and the new graphics capabilities alone will however prove a cornucopia for app developers in the ecosystem.

Cook, who took over as CEO from Jobs a year ago, earned his share of applause from a crowd of analysts, media and employees who gathered in San Francisco for today’s unveiling. Cook was joined on stage by Apple’s other top leaders to show off various features of the device, including Phil Schiller, global marketing chief, and Scott Forstall, who oversees the iOS software. Jonathan Ive, Apple’s lead designer, discussed the design of the phone in a video shown to attendees.

“It’s an amazing time at Apple, an extraordinary time,” Cook said during the two-hour event, which concluded with a performance by musical guest Foo Fighters.

Apple didn’t deliver on all of the rumored features, leaving off any mention of NFC — Near Field Communication technology seen as a key to mobile payments. Apple, which has more than 400 million iTunes customers who have turned over their credit card data to buy music, TV shows, movies and apps through Apple’s stores, are a ready audience for mobile payments, said Fred Huet, managing director at Greenwich Consulting.

“The decision to omit NFC in the iPhone 5 could cost Apple,” Huet said. ”It is just a matter of time before the smartphone replaces the plastic card, and by skipping this technology, Apple may have missed a valuable opportunity to take the lead in this market. With over 400 million active credit card accounts on file, Apple had a prime opportunity to convert its customers using a sleek mobile payment system tied to the iPhone. Instead they could find that they have fallen behind closest rivals Samsung, Nokia and indeed Motorola, all of whom introduced the technology into their devices last week.”

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Only a 4-inch screen? Yikes! Much smaller than the latest Android phones, and pretty much rules out using it comfortably for web browsing and in-car navigation. Why put an expensive high-resolution display capability on such a tiny screen?

Don’t you think Apple has done the market research on screen size? These are mobile phones. They aren’t tablet computers. Since the dawn of cell phones, smaller has always been better, and Android’s clunky monstrosities haven’t changed that fact. As a guy that wears dress pants frequently, I can not comfortably carry around any of the larger Android phones. They are simply too big. I am actually annoyed that apple increased the size to 4″. I think even that is too big, but at least they made it thinner. My point is, for every person that complains about the small screen size of the iphone, there are probably 5 that are perfectly happy they are not carrying around a phone the size of a small paperback book. We are all allowed to have our own opinion, just don’t assume that Apple’s smaller screen is necessarily a bad thing. To most people, it’s not.

Than why do you think they came out with the Ipad? Isnt that just a huge Iphone with a bigger screen? Yes I did read Market research and Market shows that people were hoping for a 5″ screen. Also, the nano’s look like Nokia, IN fact that has a ring to it, Nokia Nano. If you don’t like that its so big.. dont buy it. If Android is not that much of a threat, why do you think Apple keeps suing them for everything. Steve jobs himself, admitted to stealing ideas in his book.. Dont ask me to show you, you are on the internet, look it up yourself. Steve jobs also talked about OVER CHARGING people for items. I am sorry you have small hands and cant handle a 4″ screen.

Bigger screens are nice… if I was wanting to watch a movie on a tablet. 4 inches maybe small to some, but I want a phone, not a tablet that operates like a phone. Bigger is not always better, I find that big phones even the old 3.5″ iPhone screens can be awkward to hold, and at times easy to drop.

I still have my flip phone. It has the best voice quality. Bought a replacement battery last year – the first lasted 6 years. I have an iPad and a MacBook Pro. I don’t need a smartphone, and I don’t want a smartphone and the expensive data plans, yet. Maybe when I’m retired and traveling a smartphone and plan costs would make sense. In the meantime, if I don’t answer my phone, just leave a message and I’ll get back to you.